All Forum Posts by: Shelby Ek

Hi Stephen,

I just finished the refinance part of a BRRRR. I also used 0% interest credit cards and pretty much maxed out a couple cards to do renovations. This tanks your credit score for sure! It's sort of like a balancing act, I tracked my credit score very closely (credit karma) and strategize what to pay off that will have the biggest impact on my score to boost it enough to get the best interest rate when refinancing.

I’d get it rented so you can use that income to qualify for your refi and in the meantime start to pay down whatever debt is dragging down your score the most. 

You need to ask your broker

You'd need to pay $460 monthly to live there?  Sounds like thats way cheaper than anywhere else you could possibly live.  Thats the way I look at house hacking.

Also as other have said the numbers have to work as a rental once you move out too.

Hi Michael, google Spade Property Management and give them a call.  Nick is a great guy, I know him personally.  I'm currently self managing now as I only have a few units.  But they would be the people I would speak with first about managing my properties when I get to that point.

@Jesse Ramirez gotcha! That makes more sense. 

Umm the major issue I see with this deal is you are getting and FHA mortgage and don't intend to live there? Am I reading that right? FHA loans are for owner occupied only. If you get one and choose not to live there you are committing mortgage fraud.

I like the open house method.  I schedule one about a week out and ask all interested applicants to attend on that day.

I will only schedule a private showing if someone provides me with pre-qualifications and cannot make the "open house".

I do a satin light gray, high gloss white trim.  In kitchens and baths I have a light sage green color thats a semi-gloss.  Changed my life figuring out to buy the same color for all units!

I’ll text you my thoughts...

Honestly if this is the only issue with the tenant I would let it go.  Not worth your time and energy. Now if you go inside the unit and it smells like an ashtray inside that would be another story.  But a couple of butts outside... not even littered... but in a chiminea....I just don't see this as something I personally would waste my time on.